Horn Paul Bryan Jr. 4
4 · Ramaco Resources, Inc. · Filed Feb 2, 2026
Research Summary
AI-generated summary of this filing
Ramaco (METC) EVP Paul Horn Receives Awards, Surrenders Shares
What Happened
- Paul Bryan Horn Jr., Executive VP of Mine Operations at Ramaco Resources (METC), had multiple restricted stock units (RSUs) and performance stock units (PSUs) vest on January 30, 2026. The filing shows he was credited with roughly 125,328 shares from vesting/conversion of derivative awards and related grants.
- To satisfy tax-withholding obligations, Horn surrendered (disposed) 45,929 shares on the same date. The shares withheld were valued based on closing prices on Jan 29, 2026 (at $19.97 and $12.43), totaling about $867,777. Most reported entries are exercises/conversions of derivatives (code M) and tax withholding/share surrender (code F).
Key Details
- Transaction date: January 30, 2026 (Form 4 filed Feb 2, 2026 — timely).
- Vested/converted shares reported (aggregate from entries): ~125,328 shares (acquisitions via conversion/exercise of RSUs/PSUs and grant entries).
- Shares surrendered for tax withholding: 45,929 shares, cash value reported ≈ $867,777 (surrenders priced at $19.97 and $12.43 per share based on 1/29/2026 close).
- Footnotes of note:
- F2/F9/F11: Performance targets certified at 200%, triggering vesting of 23,970 Class A PSUs and 4,794 Class B PSUs (performance payout above target).
- F1/F17/F16: Several prior restricted grants/distributions reached final annual installments; shares were surrendered upon vesting to satisfy tax obligations.
- F10–F13/F14: Explain that PSUs/R SUs are contingent rights to receive Class A or B shares and include dividend equivalents.
- Shares owned after the transactions: not specified in the excerpts of the filing provided.
- Transaction codes: M = exercise/conversion of derivative awards; F = shares surrendered to pay taxes (withholding).
Context
- This is a common, routine outcome when equity awards vest: the insider receives shares (or the right to receive shares) and immediately surrenders a portion to cover required tax withholding (a cashless withholding). It is not an open-market sale reflecting discretionary selling by the insider.
- The PSU vesting was tied to performance (committee-certified at 200%), which increased the payout above target. That detail explains the larger PSU-related issuance in this filing.
- No 10b5-1 plan or late filing indication is noted in the provided information; the Form 4 appears to have been filed within the required window.
Insider Transaction Report
Form 4
Horn Paul Bryan Jr.
EVP Mine Operations
Transactions
- Tax Payment
Class A common stock
[F1]2026-01-30$19.97/sh−3,652$72,930→ 27,905 total - Exercise/Conversion
Class A common stock
[F2][F9]2026-01-30+47,940→ 75,845 total - Tax Payment
Class A common stock
[F3]2026-01-30$19.97/sh−20,626$411,901→ 55,219 total - Exercise/Conversion
Class A common stock
[F4][F5][F6]2026-01-30+35,088→ 90,307 total - Tax Payment
Class A common stock
[F3]2026-01-30$19.97/sh−15,096$301,467→ 75,211 total - Exercise/Conversion
Class B common stock
[F2][F11][F7]2026-01-30+9,588→ 16,996 total - Tax Payment
Class B common stock
[F16]2026-01-30$12.43/sh−4,125$51,274→ 12,871 total - Exercise/Conversion
Class B common stock
[F4]2026-01-30+1,598→ 14,469 total - Tax Payment
Class B common stock
[F16]2026-01-30$12.43/sh−688$8,552→ 13,781 total - Exercise/Conversion
Class B common stock
[F14]2026-01-30+2,350→ 16,131 total - Tax Payment
Class B common stock
[F16]2026-01-30$12.43/sh−1,011$12,567→ 15,120 total - Tax Payment
Class B common stock
[F16][F17]2026-01-30$12.43/sh−731$9,086→ 14,389 total - Exercise/Conversion
Performance Stock Units
[F8][F2]2026-01-30−23,970→ 0 total→ Class A common stock (23,970 underlying) - Award
Performance Stock Units
[F8][F2][F9]2026-01-30+23,970→ 23,970 total→ Class A common stock (23,970 underlying) - Exercise/Conversion
Performance Stock Units
[F8][F2][F9]2026-01-30−23,970→ 0 total→ Class A common stock (23,970 underlying) - Exercise/Conversion
Performance Stock Units
[F10][F2]2026-01-30−4,794→ 0 total→ Class B common stock (4,794 underlying) - Award
Performance Stock Units
[F10][F2][F11]2026-01-30+4,794→ 4,794 total→ Class B common stock (4,794 underlying) - Exercise/Conversion
Performance Stock Units
[F10][F2][F11]2026-01-30−4,794→ 0 total→ Class B common stock (4,794 underlying) - Exercise/Conversion
Restricted Stock Units
[F12][F4]2026-01-30−7,990→ 0 total→ Class A common stock (7,990 underlying) - Exercise/Conversion
Restricted Stock Units
[F12][F5]2026-01-30−5,098→ 5,098 total→ Class A common stock (5,098 underlying) - Exercise/Conversion
Restricted Stock Units
[F12][F6]2026-01-30−22,000→ 43,998 total→ Class A common stock (22,000 underlying) - Exercise/Conversion
Restricted Stock Units
[F13][F4]2026-01-30−1,598→ 0 total→ Class B common stock (1,598 underlying) - Exercise/Conversion
Dividend Equivalent Units
[F14][F15]2026-01-30−2,350→ 0 total→ Class B common stock (2,350 underlying)
Footnotes (17)
- [F1]On September 16, 2022, the Reporting Person received a restricted stock grant of 25,467 shares (the "September Grant") under the Ramaco Resources, Inc. 's (the "Company") 2017 Long Term Incentive Plan. The third and final annual installment under the September Grant vested on January 30, 2026. Amount reflects shares surrendered upon vesting to satisfy tax obligations. The number of shares surrendered was based on the closing price of the Issuer's Class A common stock on January 29, 2026.
- [F10]Each performance stock unit represents a contingent right to receive one share of Class B common stock.
- [F11]Amount includes 4,794 Performance Stock Units for Class B common stock that vested because more than 100% of the pre-established performance targets were achieved during the performance period. Please see Footnote 2.
- [F12]Each restricted stock unit represents a contingent right to receive one share of Class A common stock.
- [F13]Each restricted stock unit represents a contingent right to receive one share of Class B common stock.
- [F14]Dividend equivalent units underlying the three tranches of restricted stock units and the tranche of performance stock units listed above with respect to Class A common stock and with respect to Class B common stock. See footnotes 2, 4, 5 and 6 for further detail.
- [F15]See Footnote 7 for further detail regarding the stock dividends.
- [F16]Shares surrendered upon vesting to satisfy tax obligations. The number of shares surrendered was based on the closing price of the Issuer's Class B common stock on January 29, 2026.
- [F17]On June 21, 2023, the Reporting Person received a restricted stock grant of 5,093 Class B shares (the "June Distribution") in the Company's distribution of the Class B common stock. The third and final annual installment under the June Distribution vested on January 30, 2026. Amount reflects shares surrendered upon vesting to satisfy tax obligations. The number of shares surrendered was based on the closing price of the Issuer's Class B common stock on January 29, 2026.
- [F2]The performance stock units granted on February 20, 2023 under the Company's Long Term Incentive Plan vested on January 30, 2026 upon certification of performance by the Company's Compensation Committee of the Board of Directors (the "Committee"). The Committee certified the achievement of pre-established performance targets at 200% for the performance period beginning on January 1, 2023 and ending on December 31, 2025. As a result of the Committee Certification, the vesting of additional performance stock units for 23,970 shares of Class A and 4,794 shares of Class B stock was approved.
- [F3]Shares surrendered upon vesting to satisfy tax obligations. The number of shares surrendered was based on the closing price of the Issuer's Class A common stock on January 29, 2026.
- [F4]The third and final installment of restricted stock units granted on February 20, 2023 under the Company's Long Term Incentive Plan vested on January 30, 2026.
- [F5]The second installment of restricted stock granted on February 29, 2024 under the Company's Long Term Incentive Plan vested on January 30, 2026. One annual installment remains from this grant.
- [F6]The first installment of restricted stock units granted on February 24, 2025 under the Company's Long Term Incentive Plan vested on January 30, 2026. Two annual installments remain from this grant.
- [F7]As a result of the four common stock dividends paid in Class B common stock 1) declared on December 5, 2024 and paid on March 14, 2025, 2) declared on March 17, 2025 and paid on June 13, 2025, 3) declared on August 22, 2025 and paid on September 19, 2025, and 4) declared on November 14, 2025 and paid on December 5, 2025 the reporting person received a total of 972 shares of Class B common Stock, which are included in the reported amount.
- [F8]Each performance stock unit represents a contingent right to receive one share of Class A common stock.
- [F9]Amount includes 23,970 Performance Stock Units for Class A common stock that vested because more than 100% of the pre-established performance targets were achieved during the performance period. See Footnote 2.
Signature
/s/ Jonathan T Adkins, Attorney in Fact|2026-02-02